Sanjeev Agarwal And Anr vs Shri Omkaleshwar Coloniseers Pvt Ltd ...

Sanjeev Agarwal And Anr vs Shri Omkaleshwar Coloniseers Pvt Ltd ... on 31 March, 2017 Bente IN THE NATIONAL COMPANY LAW APPELLATE TRIBUNAL COMBANY APPELLATE JURISING TION Company Appeal AT) No. 20 and 31 af 2017 arising ont of Order dated 18% Jannary, 2017 passed hy NCLT, Allahabad Bench tn C.P.Ne. 75 (ND) of 2016 New Number TP G9 /SO7- 398 /ALL/16/CLB AND C.P. No. 54 IND) of 2018) Sanjecy Agarwal and Anr. oo Ape Lge ¥e. Shri Chukaleshwar Coloniasers Prt, Lod. And Aner. sooo MER PO RENE Present: For Appellants: Mr. ELL Nkw, Senior Advocate with Mr. BSubhanker Sengupta, Ms. Shkilpi Chaudhary, Advocates Ms. Anju Jain with Mr. Hitesh Sachar, Advocates for Syuilicate Bank For Respondent No. 2: Mr. Ashish Aggarwal with Ms. Harlcen Raur, Advacetes FUOGENMENT SUDRANSU JVOTY NMURHOPADHAY A.J. Appellenis have challenged common judgement and order dated {Ae Jamusry 2017 passed by the Nanone! Campeny law Tribunal, Alehoabes : "3 re Rae, th x3 me Be e es ne snes es hn o™ wand Eid ek re ae g e aa tg ead Ae, " Se a te ee Pr f " Ge, wean ee ee fet $8 words by ~ : cab a 7 ts tors Seb toe oy dee PS Ke Ber po ing bees £3 gE . t a, on oe ay yal as ae. get wa, ¢ et gz wo to, ge eat oo Ss Se ms i fen geek & "pe ne we 5 as bt ne Bey he as pe Ps mot ee nf : rs, peg poe See Be, and we we re 4 : pe uy ) wos 2 a wed, Le et ike, Se, 5, 2 See.

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2 aml Ganga Sagar Singh y faded {@ attach any eiidence such as Bank aconunis and persercal frcome Prsuy, usc Reve notiesd inconsistency ix Sve pleas af the pelGoner, When in fhe Petivener Ae is afedite Shef the Respondents have unauhoriawiy borrower! fram ¢ Guage Sager Sig, i the Rejoinder, ke states that Respondent and GRUEGH Sager ought to Actwe Aled heir heavk stetemen? anc ¢ 7. peter fo x prove the foctum of fe Huo guermerds ane onutvally inoomeisfent, Seong, Of an admitted fact, there need not be any evidence from atfher of the partes. The only question is whether raising a loan ar deposit is legal and ifsc, whether if amounis to susmanagement affenting e 2X, prepaciady (he oueresis of the company." The Tribunal as a whole discussing the aluresaid fects taking ines y corgiioration the materiais an record came fo @ definite oanchusion that ao Mismanagermient', but HY examined curmulatively in discerdant created Dy the parties, would ameunt to "agpr mampelling the Tribunal to order Hquidadian but that was not in af the company and therefore pasaed the order, ig. Learned counsel on behall of the appellants submitted that there were oo e oe ft no acts of Oppression ar Mismanagemernt' an the part af the appelis Whatever the acts af 'oppression and mismanagement was on the part af reapandent ~ Mr, Satish Kumar Singh.

[bwas contended Siat the LOOM Company was not called fo easing the author f Saard of Governors' and - BGM, Wary held. However, Saving ne Held Chat the action of the Cammany in. any of the group. 13. Learned counsel appearing on behalf of the respondents submitted thar a sum af Re. P15 isce was taken for increasing the authorized capital of the x Company. As per samofianed letter Varar we oy os oo $e: Sut ge & ne, e we % Ge ee a Pat Ie we ee ¢ fe a ved 3 nag et ped wen es 4 fa 4 oot Si, GSD percentage of total capital woes sho Mr. Satish Nurmar Sh eh, Mr. Sargeey Aprawal and Pravin Kumer Garg all three were guarantors; the Bank was te provide apmrosimatehs S870 eo, wh perceniage of the amountand rest 65.90 percentage amount was to be borne rf by the company. in apie of recniest made to the appellant t6 provide or induce money in the company they had not provided the amount. Therefore, loan WAS taken fram one Mr. Genga Koarar Singh to comstruct boundary wall of the company, which was given to the Company 3 &y STERIL was paid to one Mr. Redar Nath, the comtmacter, morsasing of the suthorived capital of the co: hate the akhersholcdine R of appression fer the purpose Of Tee TERANCHAL MMAMAMAge Mer al fo the company or not, the Tribunal prefudios agused ta any gerson ar the Company in that transaction. > Pris minioreesdt iis view by the fact tha' by appellants and the reapendent to S at atating that cast averrun and debt short i aie prnceern short fall * hac been mai by pra hs We, thus find thal the amount borrowed on interest fyee basis fram Gengs Kumar Singh Was & bonafides tramsactan. yoy iF.

Wealso find that the appellants } SOLS to Bank to frees the aormsilanta who tried to stall the pp freesing ascaunt. This is anc of the ground on which one can deny any epeciic Sos relief to the appellants. However, as the Tribunal has got given any fmcding zB againat the appellarts qua the letter dated Of Pobruary 2015, we do nat EXPTOSS Ey SEROUS OEUTHOT gan thas reward. {8 We Ned no merit in these appeals, Interim Orders pasacd earler, inchiding the order ds are vanaied, The Syndicate Bank, Corporates Branch, Varanaai wil proce ad agcordanee with the decision renciered by the Tribunal, However, in the fsets and eireumatanees of the case, thers shall be Ao order as ty cost. iMr. Balvinder Singh) ihustice 8.3. Mukhopadhaya) Member [Teohriosl Chairperson NEW DELHI 31% March, 2017